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- FET climbed 51% despite $286M Ocean Protocol lawsuit.
- Speculative buying and withdrawals fueled strong bullish momentum.
- Key technical levels: EMA50 $0.37, EMA100 $0.48, EMA200 $0.6.
Fetch.ai (FET) stunned crypto markets with a 51% surge despite ongoing legal turmoil involving Ocean Protocol. Traders rushed in, turning courtroom drama into bullish momentum, highlighting how speculation can outweigh uncertainty in the crypto world.
Lawsuit Triggers Unexpected Buying Frenzy
The conflict stems from the Artificial Superintelligence Alliance, which originally aimed to unite Fetch.ai, SingularityNET, and Ocean Protocol for decentralized AI projects. Instead, disputes spilled into courts. Fetch.ai sued Ocean Protocol in New York, alleging the mismanagement of OceanDAO assets and claiming 661 million Ocean tokens were converted into 286.4 million FET.
Despite the chaos, the market reacted differently. Speculative buyers snapped up over 545 million FET on November 7, reclaiming dominance after days of heavy selling. CoinGlass reported a net withdrawal of $1.35 million, indicating strong buying pressure and signaling confidence among traders.
Technicals Highlight Strong Momentum
FET climbed to $0.45 before settling near $0.36, posting a daily gain of 40.7%. Stochastic RSI reached 100, signaling overbought conditions but also underscoring aggressive accumulation. Key technical levels for traders include:
- EMA50: $0.37 (critical for sustaining momentum)
- EMA100: $0.48 (next target if momentum holds)
- EMA200: $0.6 (major resistance)
Failure to hold EMA50 could see FET finding support at EMA20 around $0.28, offering a potential rebound zone. These dynamics reveal how strategic buying during high-profile disputes can defy expectations.
Also Read: Fetch.ai and Ocean Protocol Move Toward Settlement in $120M FET Token Dispute
Market Psychology Drives FET Rally
The surge demonstrates that legal conflicts don’t always deter investors. On the contrary, courtroom disputes can create high-profile speculation that fuels accumulation and pushes prices higher. Traders are now closely watching sentiment and technical levels to anticipate FET’s next move amid ongoing legal battles.
Fetch.ai’s 51% rally underlines the unpredictable interplay between legal drama, market psychology, and technical momentum. Even amid lawsuits and internal conflicts, investor behavior can flip the narrative, turning potential setbacks into price surges.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
